The "Incentive Review Committee" setup in 2004, is just another bogus committee established to give the public a false sense of security.

The committee has apparently found nothing out of order with the tax credit program used to defraud the state of $100s millions. Apparently the committee has disregarded the fraudulent program or else it would have learned all of the most costly programs have failed into bankruptcy before creating any significant jobs. Each job created has cost the state over $1 million in taxes, while few even last more than a years.

That was to be expected as the committee, for the most part, is made up of people from the same good ol' boys crony club, that operates the fraud or provides services to the fraud operators.

Oklahoma has 4 tax credit programs, costing taxpayers $100s million, operating in such secrecy that few if any are aware the programs exist. It is doubtful that many are aware the state has more than 80 tax credit programs. The 4 super secret are: Small Business Capital Company (SBC) and Rural Small Business Capital Company (RSBC); and Small Business Venture (SBV) and Rural Small Business Venture (RSBV);

Only the SBC and RSBC can be found on Open Books. SBV and RSBC can be found on no state reports, except for the IRC Capco report where the two programs are mislabeled as amount invested in conjunction. Invested in conjunction is not the name of a program, but a term buried deep in the law that created these 4 programs.

Tax credits are 20% (Small Business) or 30% (Rural Small Business) of the total of:

Amount invested in Small Businesses by Capital Companies (CAPCO). Money invested by the Capital Company which is required to purchase at least 51 percent interest in the investment for the investment to qualify for tax credits. Once the investment qualifies additional investments also qualify for tax credits.

Amount invested in Small Businesses "in conjunction." Additional money invested, over and above what the Capital Companies or CAPCO invested. The tax commission neglects to provide the identity of the "in conjunction" investors and how much they invested; in direct violation of the Taxpayers Transparency Act.

"In conjunction" basically means an optional amount invested over and above what the Capital Company (CAPCO) has to invest to obtain the required minimum of 51% or more interest in the investment venture.

But, we have learned "in conjunction" is used as a way to hide names of investors. Only the identities and amounts invested through the CAPCO are broken out by the Oklahoma Tax Commission, and these are only LLCs. This is in direct violation of the Taxpayer Transparency Act or Open Books.

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